Five back CME Europe March cocoa launch

CME Europe said it is confident of full backing from 15 firms by March launch

CME Europe said five firms have already
signed up to support the launch of its cocoa contract and it is
confident of filling the remaining ten places by the time the
contract starts trading at the end of March.

The cocoa contract is supported by an
innovative incentive scheme known as the 'Softs Participation
Unit’ (SPU) aimed directly at proprietary traders
and end users.

Jeffry Kuijpers, executive director for
agricultural commodities, CME Group told FOW the SPU has
already won the backing of commercial and more general market
participants from the cocoa and futures trading industry. "Of
the 15 spaces available in the scheme, five are signed and two
or three are close to that point. By the time we launch the
contracts in March, I expect we will be at full capacity."